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United States v. Olis

United States District Court for the Southern District of Texas
2006 WL 2716048 (2006)

Written by Carolyn Strutton, JD

Facts

Jamie Olis (defendant) worked for Dynergy and participated in a fraudulent scheme designed to increase Dynergy’s stock price. The scheme sought to fraudulently disguise a loan as operational income and increase Dynergy’s apparent cash flow, thereby making the business more appealing to outside investors. Olis participated in this fraud in an effort to boost the company’s value, not to enrich himself. The scheme was eventually uncovered, and Dynergy faced financial losses in the resulting investigation but survived. Olis was convicted of a number of serious crimes, including securities fraud, mail-and-wire fraud, and conspiracy. Olis was sentenced under mandatory federal sentencing guidelines to 24 years in prison. Olis appealed, but before the court of appeals could issue its decision, the Supreme Court issued its ruling in United States v. Booker, 543 U.S. 220 (2005), which addressed the constitutionality of the federal sentencing guidelines. The circuit court held that Booker applied in Olis’s case, and that Olis must be resentenced under Booker’s precedent.

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Issue

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Holding and Reasoning (Lake, J.)

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